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609 credit score- looking for $150k loan, do you think it's obtainable?

My credit score is 609. I'm currently AD military making $5000 per month. I have some negative, charge offs, and the highest bad thing on my credit report is a maxed out credit card for $7k.

Realistically, how good/bad are my chances for getting a loan for around $150,000?
  • January 25 2012 - Hampton
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Answers (7)

Profile picture for usnavywife
I got in touch with someone and was declined. He searched around and couldn't find us a lender. Thank you everyone for your suggestions.
  • January 25 2012
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hi usnavywife,
Most lenders will use the lower of two scores or the middle of three scores on your credit report. You mention charge offs and negative items including a maxed out credit card. Without reviewing your credit in its entirety, and perhaps running it through a credit analyzer program as Jeff mentioned, there again is just no way for us to give you a complete answer.
That being said, there are lenders that do claim to offer FHA loans down to a 550 score, however, when you get to the fine print, many times charge offs and collections must be brought current or some other "glitches" arise.

My best suggestion is pick a loan officer, get a full, three score credit report, and set a course to follow to buy a home. It seems there are at least two loan officers answering your question that would be happy to work with you!

Best wishes, Jim, American Bank
  • January 25 2012
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Profile picture for usnavywife
One score was 609, other was 620.

I will have up to $5k to put down.
  • January 25 2012
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Prior to making any decisions, it is advisable to contact a reputable lending institution who will pull your credit report and review every detail. With their expertise, they will be able to give you the appropriate advice on how to raise your score.   IE., charge offs, arrears, and maxed credit balances all affect your score.  If you address these issues you will be ready to buy a home in due time.  Good luck.
  • January 25 2012
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Thanks for your service to our country. It is possible to get a loan with that credit score. A suggestion would be to locate a local loan officer, have your credit pulled and review the issues. Most loan officers have access (through the credit company they use) to credit help professionals. CreditPlus uses the LendingHand term. Based on the score needed, available funds and length of time before home purchase a game plan to increase your score and get you in a home can be worked out. But it starts with the a call to a loan officer. 

Jeff Thomas 
Mortgages In Virginia
  • January 25 2012
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Profile picture for Cindy Quinton
Just paying down that overextended credit card will bring your scores up some. You should begin by getting all of your revolving accounts paid down to under 30% utilization.

You can get a lot of good advice on credit scores and reports at www.myfico.com on the forums there. I went there for advice and our scores have climbed substancially in just under three months (80+ points).

I am not a lender or professional of any sort, just some been-there-done-that advice. Is there a particular house you are wanting to jump on? Or can you consider waiting just a few months and getting in better financial and credit shape?

Also, just so any lenders wandering in can help, do you know all three credit scores, and how much cash reserves for down do you have?  Good luck and thank you for your service!
  • January 25 2012
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hi usnavywife, thanks for your service to the USA.
Unfortunately, it is hard to get the whole picture in a paragraph or two to give you a full and complete picture. Your best bet is to find a good lender that will analyze your situation and either find you a loan now or, at the very least, set you up with a plan to get the loan down the road.
Best wishes, Jim
  • January 25 2012
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